Nike is stepping back from China-based production for its U.S. market to dodge tariff-related costs, aiming to shift its sourcing strategy by 2026.
Currently, 16% of Nike’s U.S. shoe imports come from China, but the company aims to lower this figure to the high single digits by May 2026. Executives noted that tariffs could add nearly $1 billion to Nike’s costs. To offset this, the brand plans to restructure its sourcing, raise product prices, and explore corporate cost cuts.
Despite a 12% drop in fourth-quarter sales, Nike beat market expectations, with shares surging 11% in after-hours trading. The running category saw a return to growth, driven by renewed investment in products like the Pegasus and Vomero lines. Nike also increased marketing spend by 15% and hosted a high-profile event featuring star athlete Faith Kipyegon, highlighting its renewed focus on performance sportswear.
Looking ahead, Nike projects a mid-single-digit revenue decline in the first quarter—less severe than analysts’ expected 7.3% dip. However, executives cautioned that recovery in the Chinese market will be slow due to economic challenges and heightened competition.
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A passenger aircraft from Polish carrier LOT veered off a taxiway at Lithuania's Vilnius airport after arriving from Warsaw on Wednesday, halting all traffic, the airport operator said.
The Hayli Gubbi volcano in Ethiopia’s Afar region erupted on Sunday morning (23 November), covering nearby villages in ash.
At least 36 people have died in a fire that ravaged a residential apartment complex on Wednesday according to John Lee the chief executive of Hong Kong.
massive fire that swept through the Wang Fuk Court housing complex in Hong Kong’s northern district of Tai Po has claimed 83 lives, with nearly 300 residents initially reported missing, authorities confirmed on Thursday.
Netflix crashed on Wednesday for about an hour in the U.S. as it launched season five of "Stranger Things", with the service becoming inaccessible to many subscribers within minutes of the episodes going live at 8 p.m. local time.
European Union ministers will urge senior U.S. trade officials to implement more elements of the July EU–U.S. trade deal on Monday, including cutting tariffs on EU steel and lifting duties on goods such as wine and spirits.
Google has announced a major update for its Pixel 10 series: owners can now send and receive files with Apple devices using AirDrop, without any collaboration from Apple. The new functionality applies to iPhones, iPads, and macOS devices, though for now it is limited to the Pixel 10 line.
European shares climbed on Thursday, as a relief rally swept through global markets after artificial intelligence (AI) bellwether Nvidia reported strong earnings, while investors awaited the release of delayed U.S. jobs data.
Mainland China and Hong Kong equities slipped on Tuesday, Reuters reported, as investors grew cautious ahead of delayed U.S. economic data expected to clarify the Federal Reserve’s policy outlook.
A federal jury in California ruled on Friday that Apple must pay $634 million to Masimo, a medical-monitoring technology company, for infringing a patent related to blood-oxygen reading technology.
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